Palm Beach, FL – November 4, 2021 – FinancialNewsMedia.com News Commentary – The growth of cryptocurrency over the last few years has been remarkable across developed countries. The cryptocurrency market is growing at an astounding rate for consumers as well as enterprises. Financial institutions are the frontrunner in adopting cryptocurrencies for trading and exchange. Blockchain has enhanced the popularity of cryptocurrencies owing to greater security and scalability. Its diverse features are attracting organizations to deploy this new technology across their business transactions. Presently, the world’s largest financial institutions are utilizing cryptocurrency for currency exchange and trading. A report from MarketsAndMarkets said that the global crypto asset management market size is projected to grow from USD 0.4 billion in 2021 to USD 1.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.5% during the forecast period. The report said: “The major factors that are expected to drive the growth of the crypto asset management market include the high remittances in developing countries, the growth in venture capital investments, the need for safeguarding cryptocurrency assets, and the proliferation of blockchain technology. Various opportunities in the crypto asset management market are the untapped markets in different countries, the adoption of cryptocurrency among industries, and the new investment opportunities amid the COVID-19 crisis.” Active stocks in the markets this week include Lynx Global Digital Finance Corporation (OTCPK: CNONF) (CSE: LYNX), Galaxy Digital Holdings Ltd (OTCPK: BRPHF) (TSX: GLXY), Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), Voyager Digital Ltd (OTCQX: VYGVF) (TSX: VOYG), Coinbase Global, Inc. (NASDAQ: COIN).
The article continued: “Prior to the availability of blockchain technology, cryptocurrencies, and digital assets were worthless. With the emergence of blockchain, the cryptocurrency market is growing at a rapid pace. Blockchain has the potential to provide high-level security for digital assets and cryptocurrencies. Using blockchain, users can authorize transactions without taking any permission from central authorities. Some of the major use cases of blockchain include fund exchange, smart contracts, and voting. Blockchain has varied use cases and application areas in every line of business. In a nutshell, blockchain is a decentralized digital ledger that keeps and maintains transactional information across the peer-to-peer network.”
Lynx Global Digital Finance Corporation (OTCPK: CNONF) (CSE: LYNX) BREAKING NEWS : Lynx Global partners with Copper.co, the world leading crypto asset gateway and custody provider – Lynx Global Digital Finance Corporation (“Lynx” or the “Company”) announced that it has partnered with leading provider of cryptoasset custody and trading solutions, Copper.co, to accelerate better financial inclusion to the underserved population in Southeast Asia, starting with the Philippines – a progressive digital payments market. Under this association, Copper.co will provide secure custody and complete institutional cryptoasset trading solutions to Direct Agent 5, Inc. (“DA5”), Lynx Global’s group company, with operations in Australia and the Philippines.
“At Lynx, we are pleased to help play a pivotal role to enable and facilitate the digital transformation of the financial sector in underserved markets. The Southeast Asia region holds immense opportunities in digital economy, digital payments and digital asset adoption. To date, almost 500 million people lack any form of financial service offerings, and within Southeast Asia, it is cited that more than 290 million adults are unbanked. With this partnership, our business is well-positioned to take advantage of the tremendous growth opportunities that are available for our unmatched products to reach large, unserved populations. By combining Copper.co’s globally recognized institutional-grade cryptoasset custody solution with Lynx’s expanding regional local payment and financial infrastructure network, we can ensure easy access to financial services for all our customers,” said Michael Penner, Chief Executive Officer, Lynx Global Finance.
“We’re delighted to be supporting this fast-growing network. As Lynx Global expands their reach in the Southeast Asia region, we look forward to supporting them as they further their cryptocurrency offering and expand on their goals of providing more services for financial inclusion to serve the growing customer base that is becoming more educated and sophisticated in the use of technology and finances,” said Alex Ryvkin, Chief Product Officer, of Copper.
Lynx Global has been developing a strong financial platform through strategic acquisitions that focuses on enabling the growth of financial services in emerging markets. With DA5, the business continues to extend the unmatched benefits of fintech innovations to the unbanked/unserved population. DA5 is an established, well recognized fintech provider in the Philippines. They have a national presence and trusted brand for comprehensive payment services including remittance, cash-in/cash-out locations, and bill payments. Upon receipt of the Philippine Central Bank’s approval, DA5 will be able to offer businesses and consumers various ways to digitize their cash through an Electronic Money Issuer (EMI) License and convert virtual assets to fiat currency through a Virtual Asset Service Provider (VASP) License. With support from Copper.co, DA5 customers will benefit from Copper’s multi-award-winning security technology, which uses the latest MPC (Multi-Party Computation). CONTINUED… Read this full Press Release and more for Lynx Global at: https://lynxglobal.io/
Other recent developments in the markets include:
Galaxy Digital Holdings Ltd (OTCPK: BRPHF) (TSX: GLXY) recently announced that its affiliate, Galaxy Interactive (or “the Company”), already the largest franchise dedicated to the interactive sector, has raised a fund with $325 million of committed capital, with participation from over 70 new LPs, including institutional investors, endowments, strategic investors, and family offices. Galaxy Interactive is the second fund in a growing product suite of multi-LP fund offerings within Galaxy Digital Asset Management (“GDAM”), the asset management arm of Galaxy Digital. Galaxy Digital has $2.2 billion in assets under management as of September 30, 2021.
Led by General Partners Sam Englebardt and Richard Kim, Galaxy Interactive was established by Galaxy Digital in 2018 to fill a gap in funding available to companies in the “interactive” sector, which the Company defines as the intersection of content, finance, and technology. Of the $325 million raised, nearly $150 million has already been invested and/or earmarked for new portfolio companies. These new companies will join Galaxy Interactive’s existing portfolio of over 60 interactive companies, including Mythical Games, Genvid, Immutable, GreenPark, Current, StockX, and Bad Robot Games, among others.
Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, recently provided the following corporate update with respect to its latest strategic purchase.
Hut 8 has executed on a $58.7 million USDpurchase of 12,000 new MicroBT M30S, M30S+ and M30S++ miners from Inchigle Technology Hong Kong Limited, representing a cost of approximately $50/Terahash, with aggregate incremental production of 1.17 EH/s. The miners are expected to be delivered starting in January 2022, at a delivery rate of approximately 1,000 machines per month, with full deployment anticipated by December 2022.
Voyager Digital Ltd (OTCQX: VYGVF) (TSX: VOYG), one of the fastest-growing, publicly traded cryptocurrency platforms in the United States, recently announced that it is integrating with Avalanche to include transfers and staking of AVAX into its brokerage platform. The expansion also entails a cross-ecosystem development effort of the Voyager platform and select Avalanche-based DeFi and NFT applications.
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Ethereum developers can quickly and easily build on Avalanche to create powerful, reliable, and secure applications. Voyager’s initiative with Avalanche includes the development of Avalanche staking and transfer capabilities for Voyager customers. It will also give Voyager customers access to decentralized finance tools, NFTs, and decentralized applications in the Voyager ecosystem, developed on the Avalanche public blockchain (AVAX).
Coinbase Global, Inc. (NASDAQ: COIN) recently announced that it will publish its third quarter 2021 shareholder letter, including financial results, on its Investor Relations website at on Tuesday, November 9, 2021 at approximately 1:00 p.m. PT. The Company will hold a question and answer session to discuss its third quarter 2021 financial results at 2:30 p.m. PT that same day.
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